Taiwan’s Financial Examination Bureau Enhances Regulatory Compliance Auditing Transparency

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The Financial Examination Bureau (FEB) of Taiwan has taken a significant step towards boosting transparency and facilitating communication by establishing an “Audit Information” section on its website. This new platform aims to provide financial institutions with a more convenient way to access information on auditing practices and regulatory compliance.

Key Features of the “Audit Information” Section

The “Audit Information” section is divided into three main functions:

Information Transparency

Provides details on internal control system statements and financial examination information
- Includes links to:
  - Annual financial examination focuses
  - Examination manuals
  - Examination checklists
  - Primary examination findings
  - Matters that financial institutions need to coordinate with examiners during full-scope examinations

Supervisory Concerns on Internal Audit

Regulatory requirements on internal audit
Key deficiencies uncovered in financial examinations
Important supervisory requirements with expiration dates within two months
Review results of implementation of specific matters conducted by financial institutions
Search function for applicable regulations and standards for professional practice
Primary examination findings and Q&A for industry professionals

Two-Way Communications

Shares information on meetings and seminars held
Sets up an interactive communication channel that seeks comments from the public
- Includes opinions and responses to questionnaires conducted by the FEB’s civil service ethics office

Benefits of the “Audit Information” Section

The “Audit Information” section is available on the FEB’s Chinese website, providing financial institutions with a comprehensive resource for regulatory compliance auditing in Taiwan. The platform aims to:

Promote transparency and cooperation between internal audit departments and the FEB
Enhance the overall regulatory environment in Taiwan

By providing easy access to information on auditing practices and regulatory compliance, the FEB is committed to supporting financial institutions in their efforts to maintain high standards of governance and risk management.